NBU on the hryvnia's peg to the euro: we analyze, we consider different options
Kyiv • UNN
NBU Chairman Andriy Pyshnyy reported that the issue of re-pegging the hryvnia exchange rate to the euro instead of the dollar is at the analysis stage. The National Bank is taking a comprehensive approach to solving this issue and is discussing it with the market.
The issue of re-linking the hryvnia exchange rate to the euro instead of the dollar is not on the agenda. The National Bank is analyzing, considering various options, and approaching the resolution of this issue comprehensively. This was stated by the head of the NBU, Andriy Pyshny, during a briefing, as reported by UNN.
Pyshny commented on whether the situation with the USA has accelerated measures regarding the re-linking of the hryvnia from the dollar to the euro.
"I will start with the last question regarding re-linking. This is a comprehensive issue. Yes, we are discussing it with the market one way or another. The Oversight Council recently considered and debated this issue. To say that this issue is already on our agenda - no. We are analyzing, considering various options, and approaching the resolution of this issue in a comprehensive manner," said Pyshny.
Reference
Since August 18, 2023, the Oversight Council of indicators of the monetary and foreign exchange markets of Ukraine has been functioning.
The task of the Council is to process and discuss issues related to the determination, calculation, and publication of the IGVR. Among them:
⦁ assessment of the representativeness of the IGVR;
⦁ determination and adjustment of the IGVR methodology;
⦁ oversight of the internal control system;
⦁ policy for handling errors;
⦁ review of audit results;
⦁ prevention of conflicts of interest;
⦁ consideration of claims;
⦁ oversight of data quality control;
⦁ compliance of the IGVR with IOSCO principles.
Supplement
In March 2024, the Oversight Council of indicators of the monetary and foreign exchange markets reported that due to the increase in the volume of foreign exchange operations in euros, a discussion regarding the transition to linking the hryvnia exchange rate to the euro instead of the dollar may soon arise.
On February 13, 2025, the head of the NBU, Andriy Pyshny, stated that there is currently no decision on changing the currency that determines the exchange rate from the dollar to the euro on the table, but this is a matter of perspective.
